Blockchain Smart Contract Services Are the Key to the Next Two Great dApp Business Ideas

Blockchain Smart Contract Services Are the Key to the Next Two Great dApp Business Ideas Considering the performance of the major cryptocurrencies over the past four months or so, one could be forgiven for assuming that the heyday of digital coins, blockchain and smart contract services has come to an end. However, blockchain technology is still in its infancy. Its bright and rich future will be built around smart contract services and dApps.

Thus far, very few businesses have adopted blockchain technology, which means that those that do so first will have the greatest chance of reaching high levels of success. The current state of affairs is very much what Marc Andreessen, the co-creator of the first commercial web browser, Netscape, described when he sang the praises of bitcoin years ago, “They’re like, ‘Oh my god, this is it. This is the big breakthrough. This is the distributed trust network that the Internet always needed and never had.’”

To expand upon Andreessen’s thought, one could say that dApps and smart contract services are what the world has always needed and never had. Well, now, businesses have them both, and when paired correctly, they will change the way businesses around the world operate.

Short for “decentralized application,” a dApp is decentralized, open-source and incentivized so users will improve it, and show value either through the proof-of-work or the proof-of-stake of its users and investors. Bitcoin was the first dApp.

Roughly speaking, in the world of blockchain, smart contract services control how users share or “mine” decentralized assets. Smart contracts can be written to make nearly every business on the planet more efficient and more secure than ever before.

The Two Next Big Business Ideas for Using dApps and Blockchain Smart Contract Services

Blockchain Smart Contract Services-Based Insurance

The insurance industry just might turn out to be the perfect business for adopting smart contract services and dApps. Since a blockchain is merely a ledger of data, it only stands to reason that a dApp developer could write the ideal smart contract to empower policyholders to craft the precise policy they need while keeping costs low.

The way this would work is that when policyholders make a claim due to situation X, the smart contract automatically raises the cost of that particular situation. Conversely, the cost of those situations that rarely result in claims will automatically be reduced in price over time. The end result will be that policyholders will primarily be paying for those types of claims that they are most statistically likely to make.

Blockchain Smart Contract Services in Retail Sales

Retail is yet another industry that is built upon the acquisition and use of data, ledgers and ledgers of data (sound familiar?). Retail-focused smart contracts would automatically track what customers purchase, which could result in customers receiving rewards that have been specifically tailored to suit what they want and need!

Of course, retail will also benefit when blockchain technology, smart contracts and dApps make the entire ordering and inventory processes quicker, more efficient and secure.

When you think about how automated smart contract services will cut out middlemen to streamline any process dealing with data, is it any wonder that John McAfee, the anti-virus software guy, would predict that Bitcoin will reach $500,000 by 2020 despite the fact that it currently sits at around $8,000?